Doing so will reportedly allow Goldman Sachs to revise its approval standards for this credit card. In particular, the Apple Card issuer plans to use this data in order to:
- Reconsider rejected applicants
- Expand eligibility for the Apple Card
- Consider current cardholders for credit increases
Those who have their Apple card application denied will have the option to share additional information with Goldman Sachs. In turn, the issuer will use this data to reconsider the application. This means that rejected applicants get a second chance at approval, particularly those who are long-time Apple customers. To opt-in, applicants must simply look for the “Opt-In” button on the rejected application.
Should I Be Concerned About My Apple Credit Card Data?
Sharing customer data isn’t exactly out of the ordinary within the credit card industry. In fact, most issuers collect transactional and personal information when reviewing applications for new cards. They don’t typically disclose more than they legally have to about this process, either. However, the Apple Card has always stood out from the pack on this front.
Can I Opt-Out?
The Apple Card application process has always given the option to provide additional information upon denial. This will remain optional going forward, though other data will now be included for consideration.
Similarly, current cardholders can opt-out of having their additional credit card data shared. All they need to do is send an email to email@example.com using “Apple Relationship Data and Apple Card” in the subject line.